Which Statement Is False

question 154

Multiple Choice

Which statement is false?

• A)Rent control is a price ceiling.
• B)Usury laws can lead to a surplus of loanable funds.
• C)The government,to encourage family farms to stay in business,created price supports for corn and wheat.
• D)Price ceilings prevent prices from rising.

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Definitions:

Expensed

Expensed items refer to costs that are charged against revenue in the current accounting period instead of being capitalized or recorded as an asset.

Routine Accounting

The regular, day-to-day process of recording transactions, maintaining financial records, and preparing financial statements within a business.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board that serves as a global framework for financial reporting.

GAAP

Generally Accepted Accounting Principles, a standard framework of guidelines for financial accounting.